Deep-pocketed investors have adopted a bullish approach towards Cleveland-Cliffs CLF, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CLF usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Cleveland-Cliffs. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 72% leaning bullish and 27% bearish. Among these notable options, 7 are puts, totaling $654,530, and 4 are calls, amounting to $157,030.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $13.0 and $50.0 for Cleveland-Cliffs, spanning the last three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Cleveland-Cliffs's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cleveland-Cliffs's whale activity within a strike price range from $13.0 to $50.0 in the last 30 days.
Cleveland-Cliffs Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CLF | PUT | SWEEP | BULLISH | 06/21/24 | $30.00 | $278.2K | 0 | 230 |
| CLF | PUT | SWEEP | BULLISH | 06/21/24 | $30.00 | $185.5K | 0 | 0 |
| CLF | CALL | SWEEP | BEARISH | 04/19/24 | $25.00 | $55.0K | 5.6K | 0 |
| CLF | PUT | SWEEP | BULLISH | 06/21/24 | $30.00 | $53.0K | 0 | 160 |
| CLF | CALL | TRADE | BEARISH | 01/17/25 | $13.00 | $50.7K | 1.0K | 2 |
About Cleveland-Cliffs
Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America. It has one reportable segment -Steelmaking. It is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. It serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Geographically, it operates in the United States, Canada and other countries. The majority of revenue is from the United States. It is a supplier of steel to the automotive industry in North America.
After a thorough review of the options trading surrounding Cleveland-Cliffs, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is Cleveland-Cliffs Standing Right Now?
- With a volume of 3,468,858, the price of CLF is up 0.83% at $17.03.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 82 days.
Expert Opinions on Cleveland-Cliffs
1 market experts have recently issued ratings for this stock, with a consensus target price of $21.5.
- Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Cleveland-Cliffs, targeting a price of $21.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cleveland-Cliffs with Benzinga Pro for real-time alerts.
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